VANOC reports solid financial position for the 2007-08 fiscal year



    
    Significant procurement of Games-related goods and services in coming
    months
    

    VANCOUVER, Oct. 16 /CNW/ - The Vancouver Organizing Committee for the
2010 Olympic and Paralympic Winter Games (VANOC) today released its annual
report, confirming that the Organizing Committee is in strong financial
standing and well-positioned for the 16-month lead-up to the 2010 Winter
Games. The report highlights the substantial completion of the venue
construction program, and growth in operational and procurement activities
over the past year.
    The annual report includes a management discussion and analysis as well
as audited financial statements for the fiscal year ending July 31, 2008. The
report features a venue-by-venue summary of construction activity and
expenditures for the year.
    "Through a steady, disciplined focus on cost management and new revenue
generation across the organization we've managed to maintain a positive
financial position and met our ambitious budget targets for the year," said
John Furlong, VANOC Chief Executive Officer. "As we quickly transition out of
venue construction into a year focused largely on operations, we continue to
exercise a strong internal cost control focus with a view to delivering great
Games and leaving both positive financial and enduring sport legacies."
    VANOC's net deferred operating revenue from sponsorship and other sources
for the year ending July 31, 2008 was $122.3 million. On a project-to-date
basis, deferred operating revenues are $336.7 million and are comprised mostly
of sponsorship revenues and contributions from the International Olympic
Committee (IOC). This represents approximately 21 per cent of budgeted
operating revenues for the project.
    VANOC's net deferred operating expenses for the current year end were
$170.4 million. On a project-to-date basis, deferred operating expenditures
total $364.1 million, or approximately 22 per cent of the project budget.
    VANOC's total venue construction expenditures for the year were 
$129.8 million, down from $228.2 million in the previous year. Project-to-date
venue construction expenditures now total $494.4 million, which represents
84 per cent of the venue construction budget.
    "Looking ahead, we anticipate an increase in procurement as the
Organizing Committee ramps up operations in preparation for hosting the
Games," said John McLaughlin, VANOC's chief financial officer. "With a
significant level of activity in the next fiscal year, we remain confident in
our financial position in spite of a turbulent global economy."
    "Consistent with our business plan, between now and Games time, the
majority of VANOC's procurement activities will occur as we invest upwards of
$1 billion from our privately funded operating budget into the goods and
services needed to host the Games. The majority of this money will be invested
directly into the Canadian economy," concluded McLaughlin.
    The bulk of VANOC's operational investments will be done through
contracts awarded for transportation, energy services, anti-doping,
accommodation, overlay, food and beverage, and the build-out of technical
infrastructure. VANOC will also generate new revenue sources in the coming
year through ticket sales, additional sponsorships, other opportunities and
IOC contributions. VANOC also confirmed that an updated budget is being
finalized and will be released on schedule in early 2009.
    VANOC's annual report can be accessed at www.vancouver2010.com. VANOC's
next quarterly financial report will be released in December 2008 and will
include interim financial statements for the first quarter of fiscal 2009
ended October 31, 2008.

    VANOC is responsible for the planning, organizing, financing and staging
of the XXI Olympic Winter Games and the X Paralympic Winter Games in 2010. The
2010 Olympic Winter Games will be staged in Vancouver and Whistler from
February 12 to 28, 2010. Vancouver and Whistler will host the Paralympic
Winter Games from March 12 to 21, 2010. Visit www.vancouver2010.com.





For further information:

For further information: Media Contacts: Katie Green, Vancouver 2010,
(778) 328-6473, katie_green@vancouver2010.com; Chris Brumwell, Vancouver 2010,
(778) 328-6269, chris_brumwell@vancouver2010.com

Organization Profile

VANCOUVER ORGANIZING COMMITTEE FOR THE 2010 OLYMPIC AND PARALYMPIC WINTER GAMES

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